CRM trade ideas
HUGE bull flag on SalesforceSalesforce, ticker symbol CRM, is down over 20% from its all time high of $276 back in September, now trading at $222. It had experienced an almost 150% run up from its March lows of $132.
On the 1st of December, Salesforce announced it was acquiring Slack, ticker symbol WORK, for $28 billion in which its CEO described the deal as a ‘match made in heaven’. Since the announcement, the price gapped down 8%. Despite the deal having a $28 billion valuation cost, Saleforce has lost $36 billion in valuation because of it. An overreaction, maybe?
Technically, CRM is in a massive bull flag. Bull flags are found in stocks with massive uptrends. It is called a flag as the pattern of consolidation looks like a flag, after a vertical rise in the stock, which looks like a pole. The psychology behind the pattern is that the stock does not fall steeply, instead bulls buy the dips as the stock prints lower, creating the pattern.
CRM is also just above a $220 support level, which it tested and rejected in 6 of the previous 9 trading days – the other 3 days closed above it. Price is also being supported by an upward trend line connecting the March low and the low of the 2nd December, the first trading day after the Slack acquisition announcement.
Price has also filled the gap created by the monster earnings announced on 24th August which caused the stock to sky rocket 25%.
If the price bounces of this trend line and the bottom of the parallel channel to the top of the channel, this would represent up to 15% upside. If the price was to break this channel and continue to retest all time highs, this would be 28% upside
CRM Salesforce. Long the supportWhy so bearish on the slack acquistion? I see this as a huge sell the news and sell the "oh they could have built their own, or bought someone cheaper". Sure they could have but they didnt. So time to move on and explore what they are going to build with Slack now.
Buy support. sell Resistance. Why stress about anything else?
CRM Buy Opportunity, BREAK OUT TOMORROWPossible buy opportunity as Salesforce is in oversold territory and bouncing off an important support trendline, meanwhile breaking a resistance trendline.
$CRM - Calls Above ~ 229.6 Salesforce took a pretty big hit after announcing the WORK (slack) buyout. It's clear the price has stabilized and is looking to climb again. My favourite ETF, ARKK has also purchased a bunch of CRM at this bargain price. I'm looking to takes calls or buy shares when the price closes above the 229.6 region, which seems to be where the accumulation wall is. I'm targeting to fill just below the gap at around 236.
that gap tho...this thing got ripped to pieces on that $work news two weeks ago.
$222.68-$236.75 gap fill. see fib levels from 23.6% to 38.2%. i will be waiting to enter to ride the wave back up.
CRM likely test 215 to gap close, buyable on technical reversalCRM has gained 48% this yr or 50 bil market cap into a total of 200 bil. The gain is a small potato compared to the new market darling such as SNOW, DASH, AI and ZM, PTON, ETSY, CHWY. It has the disadvantage of a large flow and low short interest so it's not a cult stock.
So it acted like all mega-caps like AMZN AAPL FB NFLX with large flow and small short interest, it's choppy aimlessly.
It's a stock to consider at money IC or 2 ATR and plus an upside butterfly as it is close at ST support. One is to generate income and the other is to anticipate a bounce but not a huge one, $20 to 30 upside. The range is 220 to 250 where there would be major resistance.
CRM - Salesforce - another leg up after correction?A count suggesting that, while the correction may not yet be over, this US stock may have one more leg in it's present uptrend.
Long Position on CRM?CRM has shown strong support at $220 in the last few trading days and has shown weakness at the $229 wall.
The $228 support that we found in October has subsequently turned into a resistance point.
The following are the three outcomes for CRM stock in the next 3 months:
1. If it smashes $229 resistance, the stock could rally to $240
2. If support at $220 is broken, next support line is $215
3. If $215 support breaks, the stock is likely to trade between $190-$205.
If you are planning to go Long on CRM, do these things:
1. Watch the stock on Friday and see how it plays out. With the vaccine news out, I see it going lower. What you should do is see if it holds $220 support. If $220 holds, buy 25% of what you intend to buy.
3. If $220 support is broken, wait for a pullback to the $215 line and buy another 25%.
4. If $215 breaks, buy the remaining 50% of what you originally intended to buy at $205-$208.
5. Set your stop loss limit at $190. This is a worst case scenario, but it is better to manage risk to the downside, considering the current market conditions.
$CRM Bullish Trade IdeaCRM fell (dramatically) after announcing their Slack acquistion. They're now resting at the bottom of a 4hr channel.
Targets are 240, 250 and eventually 270+
LONG CRMLOOKING TO BUY $235 CALLS JAN 15TH EXPIRATION.
CRM HAS A GAP TO FILL, IS BOUNCING OFF OF SUPPORT IN A FALLING WEDGE , AND BOUNCING OFF OF ANOTHER SUPPORT AREA IT BROKE THROUGH DURING LAST EARNINGS IN AUGUST. $235 TARGET BASED ON GAP FILL, AND LINEAR REGRESSION . WILL ENTER ON 15M BREAK OF RESISTANCE DOWN TREND TRENDLINE W/ VOLUME
Salesforce key levelIf the price down near 200$, it would be an ideal option to buy.
Support zone, 200 days average and Fibonacci level(50%).
Be patient:)
CRM needs to defend this levelCRM back to August pre breakout levels after selling off on news of acquisition of slack. The selloff today was on low volume and considering the sharp drop, I expect Crm to defend the lower channel snd bounce to at least the 0.38 fib level to fill the daily gap before resuming current trend or start a new uptrend. I should have waited for the break of 230 before entering but the idea of scaling into the trade near the lows was to appealing to ignore. The next few sessions will give us a better picture on what tp expect.
$CRM waiting for CRM at 200 level, let's see if it comes there.$CRM waiting for CRM at 200 level, let's see if it comes there.
CRMCRM Perfect buying opportunity.
Recently hit the 3rd standard deviation of the bollinger bands showing oversold
Should recover in the next few weeks to fill the gap at 240
Earnings went excellent but investors not happy about the deal with Slack.
CRM Buy PossibilityAscending Triangle formation.
Watching for a break and hold above VWAP, EMA, and Key level.
Strong confluence for a bullish run. Backed by earnings, and fundamental news.
Vaccines news could help spur overall bullish market sentiment.
Keeping it simple here.
